Fibonacci Retracements Analysis 29.06.2020 (GOLD, USDCHF)

June 29, 2020

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after breaking the high at 1764.86, XAUUSD is trying to fix above it. In the future, the price is expected to continue growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 1800.60 and 1822.70 respectively. The support is at 1670.60.

GOLD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the H1 chart, there was a divergence on MACD after the pair reached and broke the high at 1764.86, which made the price start a new correction to the downside. The first correctional impulse has already reached 23.6% fibo and may continue towards 38.2% and 50.0% fibo at 1737.75 and 1724.85 respectively. To complete the correction, XAUUSD must break the high at 1779.25.


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GOLD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after breaking the local correctional Triangle pattern to the downside, USDCHF is expected to break the low at 0.9376 and continue trading downwards. At the same time, the previous rising impulse may hint at further growth towards 38.2%, 50.0%, and 61.8% fibo at 0.9577, 0.9639, and 0.9700 respectively.

USDCHF_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a more detailed structure of the current correction after the ascending impulse. The descending wave tested 76.0% fibo at 0.9419. The rising impulse that followed almost returned the price to 23.6% fibo and may later continue to reach the local high at 0.9553.

USDCHF_H1

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.